$PS · PERSHING SQUARE INC.
Pershing Square Inc. reported Q3 FY2026 revenue of $56.6M, down 14.5% year over year, and a net loss attributable to PS Inc. of $19.9M versus a $155.5M profit in Q3 FY2025. The swing was driven by employee compensation and benefits rising to $70.5M from $5.7M (up 1,145%), while performance fees fell to zero from $3.9M. Operating loss was $20.1M versus a $24.2M operating profit a year earlier.
- Revenue fell 14.5% to $56.6M, with performance fees dropping to zero from $3.9M.
- Employee compensation and benefits surged 1,145% to $70.5M from $5.7M.
- Net loss attributable to PS Inc. was $19.9M versus a $155.5M profit a year ago.
- Nine-month net loss attributable to PS Inc. was $210.2M versus a $198.9M profit.
- Total AUM rose to $32.8B from $32.5B at the start of the quarter.
Shares fell 4.70% in regular trading to $50.34, with extended-hours trading down another 2.15% to $49.26, signaling continued selling pressure after the loss.
A newly public alternative asset manager posting a nine-figure swing to loss on IPO-related compensation costs tests investor appetite for the Ackman vehicle.
The loss reflects the cost of Pershing Square's April 2026 IPO and corporate conversion, with compensation tied to the Combined Transaction weighing on a newly public alternative asset manager.
The filing flags dependence on investment management agreements with PSH and PSUS and the HHH Services Agreement, all terminable under certain circumstances, plus concentration risk in HHH and the unlaunched PSV fund.